Finnish defence and aerospace group Patria has reported another set of subdued results with sales and earnings down for the first nine months of 2017.
The state-controlled group revealed that sales for the year to 30 September had fallen 11% from the same period last year to EUR309.3 million (USD364.4 million), while operating earnings had dipped 58% to EUR22.8 million.
The order backlog also fell from EUR918 million to EUR769.6 million, although activity associated with the group’s aviation business was credited with driving new orders for period up to EUR224.6 million (2016: 191.7 million).
Patria attributed the earnings fall to “normal project business fluctuations and slow customer decision making processes in international projects related to [the] land systems business”.
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